TechNavio's analysts forecast the Global Product Lifecycle Management
Tools market to grow at a CAGR of 9.70 percent over the period
2011-2015. One of the key factors contributing to this market growth is
the increasing demand for innovative products. The Global Product
Lifecycle Management Tools market has also been witnessing the emergence
of cloud-based PLM tools. However, the availability of open-source PLM
tools could pose a challenge to the growth of this market.

Commenting on the report, an analyst from TechNavio's Engineering team
said: "Cloud computing technology is becoming popular among
organizations because it offers huge space for data storage, provides
flexibility, and enables scalability. Hence, several Product Lifecycle
Management (PLM) tools vendors have started developing cloud-based PLM
tools. This pay-per-use model of PLM tools reduces the overall cost of
software adoption. Moreover, several users can remotely access
cloud-based PLM tools at any time or in any place. Furthermore,
cloud-based PLM tools can be scaled up in features more easily. Hence,
the Global PLM Tools market is witnessing an emerging trend where many
vendors are developing cloud-based PLM tools to meet the demands of the
end-users."

According to the report, one of the main drivers is the increasing
demand for innovative products. To sustain in this competitive business
environment, several companies across industries are adopting PLM tools
to develop innovative products at affordable prices.

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